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BRIEF-Para signs letter of intent to acquire 80% of Nicaraguan milling operation

Published 2017-01-18, 06:26 a/m
© Reuters. BRIEF-Para signs letter of intent to acquire 80% of Nicaraguan milling operation
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Jan 18 (Reuters) - Para Resources Inc PBR.V

* Para signs letter of intent to acquire 80% of Nicaraguan milling operation

* Para Resources Inc says has entered into a non-binding letter of intent to acquire an 80% interest in Nicaragua Milling Company Ltd

* Deal shall consist of 40 million common shares in capital of para at a deemed price of C$0.20 per share

* Para Resources says consideration payable to vendors for NML shares to consist of 40 million common shares in capital of co at deemed price of C$0.20per share

* Deal shall also consist of 4 million share purchase warrants of Para

* Para Resources Inc says each warrant will be exercisable to acquire one common share of Para at a price of C$0.30 for three years from date of issue

* Para Resources says following transaction, and subject to TSXV approval, Sergio Rios, one of the owners of NML, will be appointed a director of Para Source text for Eikon: Further company coverage: PBR.V

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